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AE for Revenue in Advance

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Question

Subscription received in advance by a club is shown on the __________ side of the balance sheet.

A

liabilities

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B

assets

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C

credit

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D

debit

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Solution

The correct option is A liabilities
Amount received in advance against which the services are yet to provide is a liability and shown in the balance sheet.

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Q. Subscription received in advance is classified in the Balance Sheet of a club as ___________.

Q. A cultural club discloses that subscriptions received during a particular accounting period as per receipts and payments account amount to Rs. 57,360. Subscription outstanding (opening and closing) was Rs. 4,800 and Rs. 6,000 respectively. Subscription received in advance (opening balance and closing balance) amounted to Rs. 3,600 and Rs. 2,160 respectively. The amount to be posted to income and expenditure account would be.

Q. In a Club, subscription received for current year Rs. 2,50,000.

Subscription of current year received in the previous year Rs. 25,000. Subscription out-standing for current year 45,000.

Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000.

The amount of subscription to be shown in Income and Expenditure Account will be ___________.

Q. In a Club, subscription received for current year Rs. 2,50,000. Subscription of current year received in the previous year Rs. 25,000, Subscription out-standing for current year Rs. 45,000, Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000. At the end of the current year amount of subscription received in advance will be ____________.

Q. From the following information, calculate amount of subscriptions outstanding for the year ended 31st March, 2019:
A club has 200 members each paying an annual subscription of ₹ 1,000. The Receipts and Payments Account for the year showed a sum of ₹ 2,05,000 received as subscriptions. The following additional information is provided :

	₹
Subscriptions Outstanding on 31st March, 2018	30,000
Subscriptions Received in Advance on 31st March, 2019	40,000
Subscriptions Received in Advance on 31st March, 2018	14,000

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